The thought of having a spoilt, obnoxious little darling in your household is the stuff of nightmares for most parents. We want to bring up respectful kids, encourage the curiosity of our offspring and help them develop into mature, sensible and tolerant human beings. So, why do you purchase the latest and most popular gizmo for them the moment they ask for it? By doing this, you are demonstrating to your child that they can have whatever they want whenever they want it. Instead, you need to empower them to understand the value of money and teach them the money management skills that will stand them in good stead later in life. Sitting them down and lecturing them isn’t going to work, so you need a more creative approach.
The concept of pocket money has been around since the dawn of time. Giving your little cherubs an allowance each week to spend as they like begins the concept of money management. If they choose to squander their cash the moment you give it to them each week, they will soon realize that they can’t ever purchase those big ticket items. Sweets and candy soon lose their appeal when their pals are getting hold of the latest console games and technological gadgets.
If your son or daughter is keen to save, why not direct them to the Goalsetter saving and gifting platform for kids. Anything that involves the Internet or a tablet will get your kids approval, and your child can sign up quickly, securely and safely. Using the platform, your child could ask for monetary contributions for their birthday instead of physical gifts and they could save any of their own pennies into their account.
While we don’t have children to create an army of tiny slaves, we still expect them to contribute to the home when they are old enough. Choose fun chores that you can do together like gardening, washing the car or some DIY around the house. At the very least, your offspring should be keeping their bedroom clean and tidy. By giving your child a little bit of cash for their effort, you are showing them that hard work will be rewarded. This can have a positive effect on their effort at school, in relationships, at college, and in their future careers.
It’s never too early to begin teaching your children about money. Simple games can instill a sense of value when it comes to the cash in their pocket. A role play game of shop can help with the concept of budgeting, games like monopoly can encourage your adolescents to think in a more strategic and business-like way, and The Game Of Life will even teach them about saving for their twilight years.
Next time you head to the shops with your older brood, give them a small budget and tell them they need to cook dinner for the family one evening using ingredients they buy from the money you’ve given them. They need to understand how to stretch money in the most effective way to benefit not just themselves, but also for those around them.
Teaching your kids about money as early as possible is vital if you want to ensure that your children grow up with the ability to manage their money effectively rather than seeing it slip through their fingers.